Renters Insurance: Hello Guys!!! Are you planning to rent an apartment or home? Then you will need an Renters Insurance policy to cover your belongings. Your landlord’s insurance will only cover the costs of repairing the building. To financially protect yourself you will need to buy Renters Insurance. Grab all the information on Renters Insurance from the below sections of this www.geicoo.org page. Also, you can bookmark our official page at Geicoo for further interesting updates on Renters Insurance.
The only way to protect yourself financially against disasters is to buy a renters insurance policy. Renters Insurance, sometimes referred to as tenants insurance, includes three basic types of protection:
- Personal Possessions
Standard Renters Insurance protects your personal belongings against damage from fire, smoke, lightning, vandalism, theft, explosion, windstorm, water and other disasters listed in the policy.
Standard Renters Insurance policies provide liability protection against lawsuits for bodily injury or property damage that you or your family members cause to other people. It also pays for damage your pets cause.
- Additional Living Expenses
Many people do not know that Additional Living Expenses coverage, also known as ALE, is included in a renters insurance policy. If your home is destroyed by a disaster that your policy covers and you need to live elsewhere, renters insurance covers your additional living expenses.
Types of Renters Insurance Policies
- Actual Cash Value pays to replace your possessions minus an amount for depreciation (the reduction in the value of items due to age and use) up to the limit of your policy.
- Replacement Cost pays the actual cost of replacing your possessions (with no deduction for depreciation), up to the limit of your policy. The price of Replacement Cost coverage is about 10 percent more than Actual Cash Value coverage but can be well worth the extra cost.
How To Buy Renters Insurance Policy
Renters insurance is easy to get, and there are many insurance companies to choose from. Insurers who offer homeowners insurance generally also sell Renters Insurance. In fact, a renters insurance policy and a homeowners insurance policy are almost identical. The main difference is that a renters policy does not include coverage for the building, since the landlord owns that.
Six Reasons to get Renters Insurance
Did you ever gave a thought on why only a few renters have insurance? One explanation is that many people incorrectly assume they are covered by their landlord’s policy. Another reason is that people underestimate the value of their belongings. If you add up the value of just your clothing and electronics, it probably would not take long to get into the thousands of dollars. One more often overlooked reason is liability. Even if you thought you did not need insurance, here are six good reasons why you should get a Renters Insurance policy.
- It is affordable.
- Your landlord might require it.
- It provides liability coverage.
- It covers your belongings when you are travel.
- It may cover additional living expenses.
- It covers losses to personal property.
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